2024 FL LIFE AND HEALTH
INSURANCE 2-15 STUDY EXAM
(165 QUESTIONS) WITH VALID /
CORRECT ANSWERS
N is covered by a Term Life policy and does not make the required premium
payment which was due August 1. N dies September 15. What action will the
insurer take? - CORRECT ANSWERS- Claim will be denied.
A contract where one party either accepts or rejects the terms of a contract
written by another party is called a contract of - CORRECT ANSWERS-
adhesion
Who is NOT required to sign a life insurance application? - CORRECT
ANSWERS- Beneficiary
How would a contingent beneficiary receive the policy proceeds in an
Accidental Death and Dismemberment (AD&D) policy? - CORRECT ANSWERS-
If the primary beneficiary dies before the insured
All of the following statements about Major Medical benefits are true,
EXCEPT: - CORRECT ANSWERS- Benefits have no maximum limit
W gave W's age as 50 when W purchased a Life policy. At the time of W's
death seven years later, the company discovered W's true age at issue had
been 59. What would the normal procedure be under the misstatement of
age provision in regard to the payment of the death claim? - CORRECT
ANSWERS- The proceeds would be reduced based on whatever the premium
would have been if purchased at age 59.
S owns a life insurance policy with cash values that fluctuate according to
the underlying investment performance of common stocks. Which of these
policies does S own? - CORRECT ANSWERS- Variable Term Life
S recently received a $500,000 lump sum retirement buyout from her
employer. She would like to buy an annuity that will immediately furnish her
with a guaranteed income for life. What type of annuity is best suited for her
situation? - CORRECT ANSWERS- Single premium
, All of these insurance products require an agent to have proper FINRA
securities registration in order to sell them, EXCEPT for: - CORRECT
ANSWERS- Modified Whole Life
All of these are considered sources of underwriting information about an
applicant, EXCEPT: - CORRECT ANSWERS- Inspection Report
According to the Mandatory Uniform Policy Provisions, what is the maximum
amount of time after the premium due date during which the policy remains
in force even though the premium has not been paid? - CORRECT ANSWERS-
31 days
Which provision allows the policy owner to change a term life policy to a
permanent one without providing proof of good health? - CORRECT
ANSWERS- Conversion
What do families pay that are covered by the Florida Healthy Kids
Corporation? - CORRECT ANSWERS- A portion of the premium
Which statement regarding third-party ownership of a life insurance policy is
true? - CORRECT ANSWERS- It is used extensively in estate planning as well
as business circumstances.
Which of the following employees may NOT be excluded from a group life
plan? - CORRECT ANSWERS- Full-time employees after the probationary
period.
Which of the following statements BEST describes what the Legal Actions
provision of an Accident and Health policy requires? - CORRECT ANSWERS-
An insured must wait at least 60 days after Proof of Loss has been submitted
before a lawsuit can be filed.
What percentage of eligible persons must a policy cover in a noncontributory
group? - CORRECT ANSWERS- 100%
What are adjustable rates for life policy loans in Florida based on? - CORRECT
ANSWERS- Moody's corporate bond index.
An underwriter determines that a life insurance applicant's risk should be
reclassified due to a health issue. This policy may be issued with a(n): -
CORRECT ANSWERS- exclusion for the medical condition
INSURANCE 2-15 STUDY EXAM
(165 QUESTIONS) WITH VALID /
CORRECT ANSWERS
N is covered by a Term Life policy and does not make the required premium
payment which was due August 1. N dies September 15. What action will the
insurer take? - CORRECT ANSWERS- Claim will be denied.
A contract where one party either accepts or rejects the terms of a contract
written by another party is called a contract of - CORRECT ANSWERS-
adhesion
Who is NOT required to sign a life insurance application? - CORRECT
ANSWERS- Beneficiary
How would a contingent beneficiary receive the policy proceeds in an
Accidental Death and Dismemberment (AD&D) policy? - CORRECT ANSWERS-
If the primary beneficiary dies before the insured
All of the following statements about Major Medical benefits are true,
EXCEPT: - CORRECT ANSWERS- Benefits have no maximum limit
W gave W's age as 50 when W purchased a Life policy. At the time of W's
death seven years later, the company discovered W's true age at issue had
been 59. What would the normal procedure be under the misstatement of
age provision in regard to the payment of the death claim? - CORRECT
ANSWERS- The proceeds would be reduced based on whatever the premium
would have been if purchased at age 59.
S owns a life insurance policy with cash values that fluctuate according to
the underlying investment performance of common stocks. Which of these
policies does S own? - CORRECT ANSWERS- Variable Term Life
S recently received a $500,000 lump sum retirement buyout from her
employer. She would like to buy an annuity that will immediately furnish her
with a guaranteed income for life. What type of annuity is best suited for her
situation? - CORRECT ANSWERS- Single premium
, All of these insurance products require an agent to have proper FINRA
securities registration in order to sell them, EXCEPT for: - CORRECT
ANSWERS- Modified Whole Life
All of these are considered sources of underwriting information about an
applicant, EXCEPT: - CORRECT ANSWERS- Inspection Report
According to the Mandatory Uniform Policy Provisions, what is the maximum
amount of time after the premium due date during which the policy remains
in force even though the premium has not been paid? - CORRECT ANSWERS-
31 days
Which provision allows the policy owner to change a term life policy to a
permanent one without providing proof of good health? - CORRECT
ANSWERS- Conversion
What do families pay that are covered by the Florida Healthy Kids
Corporation? - CORRECT ANSWERS- A portion of the premium
Which statement regarding third-party ownership of a life insurance policy is
true? - CORRECT ANSWERS- It is used extensively in estate planning as well
as business circumstances.
Which of the following employees may NOT be excluded from a group life
plan? - CORRECT ANSWERS- Full-time employees after the probationary
period.
Which of the following statements BEST describes what the Legal Actions
provision of an Accident and Health policy requires? - CORRECT ANSWERS-
An insured must wait at least 60 days after Proof of Loss has been submitted
before a lawsuit can be filed.
What percentage of eligible persons must a policy cover in a noncontributory
group? - CORRECT ANSWERS- 100%
What are adjustable rates for life policy loans in Florida based on? - CORRECT
ANSWERS- Moody's corporate bond index.
An underwriter determines that a life insurance applicant's risk should be
reclassified due to a health issue. This policy may be issued with a(n): -
CORRECT ANSWERS- exclusion for the medical condition
